Kenneth MacKay, 37, of Williston, Vermont, was sentenced to 70 months in prison for embezzling more than $5 million from Willis Management, a captive insurance administrator, and its clients, for whom he was employed as a senior vice president. He was also ordered to pay restitution in the amount of $5.3 million. MacKay was arrested and charged last May with bank fraud, wire fraud and money laundering. According to prosecutors, over an 8 year period, MacKay diverted funds deposited into Willis accounts into a shell corporation he created. He reportedly used the funds to purchase a condominium in Florida and to build a $1.9 million home in Vermont. He also used the funds to deposit nearly a quarter million dollars into his five childrens' college savings accounts. Prosecutors claimed MacKay had already forfeited $4.24 million, including his home, Florida condo and the funds deposited into this children's college accounts.
Read the story here, here and here.
Read the DOJ's announcement here and here.
Friday, March 13, 2009
Vermont Executive Sentenced To 6 Years For $5 Million Embezzlement
Labels:
bank fraud,
embezzlement,
money laundering,
wire fraud
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2 comments:
hi pls stop what u are sayin about that man
lolol
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